South Africa: Mastercard and Paymentology Collaborate to Empower Fintechs with Advanced Card Issuance

(3 Minutes Read)

Mastercard has broadened its partnership with Paymentology, a global issuer processor based in London, to improve card issuance for fintech companies in South Africa. This effort is designed to support the country’s burgeoning fintech sector, which accounts for about 40% of Africa’s total fintech revenue.

Fintech firms in South Africa are crucial for enhancing financial access, yet many struggle to scale their digital payment solutions. The collaboration between Mastercard and Paymentology aims to address these challenges by offering specialized infrastructure, security, and expertise to streamline the card issuance process.

This initiative will empower fintechs to introduce customized card services, particularly targeting niche markets and unbanked communities, thereby increasing access to financial services and promoting a more inclusive digital economy.

Mastercard contributes its extensive payment network, security systems, and global partnerships with financial institutions, governments, and regulators. In contrast, Paymentology provides scalable, cloud-based card processing and program management to help fintechs launch innovative payment solutions.

Gabriel Swanepoel, Country Manager at Mastercard Southern Africa, remarked that their partnership with Paymentology is continually evolving, fueled by a mutual vision of creating an accessible digital economy. He emphasized their commitment to providing fintechs with market-relevant solutions that facilitate effective scaling, ultimately simplifying card issuance and opening new avenues for financial access for underserved populations in South Africa.

Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology, noted the importance of their longstanding partnership in driving payment innovation. She stated that their collaboration is pivotal for advancing financial inclusion in South Africa, as leveraging their combined strengths allows fintechs to quickly deliver impactful solutions to the market.

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This initiative is in line with South Africa’s National Development Plan (NDP), which aims for 90% financial inclusion by 2030. By simplifying and accelerating card issuance, Mastercard and Paymentology are enhancing financial accessibility, enabling fintechs to broaden their reach and boost economic participation among underserved communities.

As digital payments continue to transform Africa’s financial landscape, this strategic partnership marks a significant advancement toward financial empowerment and economic change in South Africa.